Law:

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Section 35AC of the Income-tax Act, 1961 - Eligible Projects or Schemes, Expenditure On - APPLICATION OF PROVISION Donation made by assessee to hospital prior to its being declared as eligible under a notification as per section 35AC would also be eligible for deduction as notification would not only act prospectively but also retrospectively [In favour of assessee] [Assessment year 1993-94] CIT v. Asea Brown Boveri Ltd. [2009] 316 ITR 450 (Kar.) Where the question was whether donation made by the assessee to hospital prior to its being declared as eligible under a notification as per section 35AC would also be entitled to the deduction as the notification would not only act prospectively but also retrospectively : Held that both the authorities had concurrently held that the donation paid by the assessee to Vidya Sagar Hospital had to be allowed as deduction in view of the exemption granted to Vidya Sagar Hospital for three consecutive assessment years. Considering the exemption order granted to Vidya Sagar Hospital, the authorities had come to the conclusion that the exemption was not operating from a particular date and the same was effective for all the full assessment year. There was no specific date showing the validity of exemption granted to hospital. The authorities were justified in granting relief to the assessee. Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of Provision for premium on redemption of debentures is an allowable deduction [Assessment year 1993-94] [In favour of assessee] CIT v. Asea Brown Boveri Ltd. [2009] 316 ITR 450 (Kar.) Provision for premium on redemption of debentures was an allowable deduction in view of the decision in Madras Industrial Investment Corpn. Ltd. v. CIT [1997] 225 ITR 802 (SC). CASE REVIEW Madras Industrial Investment Corporation Ltd. v. CIT [1997] 225 ITR 802 (SC) followed and relied upon. M.V. Seshachala for the Appellant. King and Patridge for the Respondent. JUDGMENT K.L. Manjunath, J.-This appeal is by the Revenue challenging the current findings of the Commissioner of Income-tax and the Income-tax Appellate Tribunal, Mumbai, .dated April 27, 2004, in I. T. A. No. 6613/…

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